Client:

  • Stein, Ray & Harris
    222 West Adams Street

Assignment:

  • Contain current below market rent.
  • 2 years remaining on lease.
  • Take advantage of future escalating vacancy rate.
  • Accommodate future growth.

Strategy:

  • Study the downtown Chicago market for option space in new class "A" buildings.
  • Negotiate directly with Government of Singapore (owners of USG Building) to make a forward commitment on rental rates.
  • Create competition between two separate buildings' option space opportunities.

Benefits Achieved:

  • Remained as a tenant in its current premises.
  • No guarantee of lease.
  • Termination right after the 7th lease year.
  • Concession package minimized rent increase over the first 4 years of an extended lease. No out of pocket expense to tenant.